Gold and Silver Rate Today, March 23: MCX Gold Prices Crash Up to 6%, Falls Below Rs 1.37 Lakh, Silver Slumps Rs 14,000; Check Delhi, Mumbai, Bengaluru, Chennai, Major Cities

Gold and Silver Rates Today: Gold and silver prices in India saw a sharp decline on March 23 as global bullion markets extended their losses for the fourth consecutive week. In early Monday trade, spot gold plunged by -4% to slip below $4,400, while spot silver also dropped by a similar margin to hover around $65 per ounce. 

At the opening of the domestic market, MCX gold fell nearly 6%, dropping below the Rs 1.37 lakh mark. Meanwhile, the MCX silver rate today tumbled by around Rs 14000, slipping under Rs 2.13 lakh.

Why Gold Rates Are Falling?

Gold and silver prices in India have declined sharply by around 12% to 17% so far in March. Inflation concerns have intensified amid rising tensions between the US, Israel, and Iran. at the same time, major global economies are struggling to boost liquidity, while the US dollar has strengthened, hovering around the 100 mark.

However, the rebound was short-lived, as fresh selling pressure at higher levels pushed prices down from Rs 1,48,000 to around Rs 1,46,000. 

He added that the overall market sentiment remains weak, with key macroeconomic factors still unfavourable. Interest rates are likely to stay elevated, while persistent geopolitical tensions are keeping crude oil prices firm, sustaining inflation concerns and capping any significant upside in gold. 

Gold Rate Today in Delhi, Mumbai, Chennai, Hyderabad

Silver Rate Today in Delhi, Mumbai, Chennai, Hyderabad

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